It has been pretty well publicized, but I thought I would toss it out there again…  There is an $8,000 tax credit available for ‘first time home buyers.’  Here are a few facts about the program…

• A First Time Home Buyer is defined as someone that hasn’t owned a home in the last three years.
• The Credit is good for 10% of the purchase price of a home (new or resale) up to $8,000.
• There is a phase out for people with a Modified Adjusted Gross Income of more that $75,000.
• There are several ways to recapture the tax credit NOW, even if you have already filed your 2008 taxes.
• It is good on purchases up until December 1st, 2009.

There is a lot of pretty easy to digest information available direct from the source, the IRS, available here.

If you qualify, this is a GREAT incentive to buy a home.  Rates are ‘kick-butt’ low, inventories are strong… although I will be writing about that in the next day or two…  and underwriting guidelines are tougher than a few years ago,  but not impossible.